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CEO Centrality
Bebchuk, Lucian A. - 2008
We investigate the relationship between CEO centrality -- the relative importance of the CEO within the top executive team in terms of ability, contribution, or power -- and the value and behavior of public firms. Our proxy for CEO centrality is the fraction of the top-five compensation captured...
Persistent link: https://www.econbiz.de/10012773127
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Seeking Alpha : Excess Risk Taking and Competition for Managerial Talent
Acharya, Viral V. - 2013
We present a model in which managers are risk-averse and firms compete for scarce managerial talent ("alpha"). When … managers are not mobile across firms, firms provide efficient compensation, which allows for learning about managerial talent … and for insurance of low-quality managers. When instead managers can move across firms, firms cannot offer co …
Persistent link: https://www.econbiz.de/10013085052
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The Risk of Caution : Evidence from an R&D Experiment
Carson, Richard T.; Graff Zivin, Joshua; Louviere, Jordan; … - 2022
Innovation is important for firm performance and broader economic growth. But breakthrough innovations necessarily … require greater risk-taking than more incremental approaches. To understand how managers respond to uncertainty when making … projects. The results suggest that the risk preferences of managers in charge of research investments may have an oversized …
Persistent link: https://www.econbiz.de/10013321909
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Does Executive Compensation Affect Investment?
Gibbons, Robert - 2010
Investment decisions require trading off current expenditures against future revenues. If revenues extend far enough into the future, the executives responsible for designing long-run investment policy may no longer be in office by the time all the revenues are realized. We present evidence...
Persistent link: https://www.econbiz.de/10012760141
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Managerial Quality and Productivity Dynamics
Adhvaryu, Achyuta - 2019
large Indian garment firm with rich survey data on line managers, we find that several key dimensions of managerial quality …
Persistent link: https://www.econbiz.de/10012870084
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Globalization and Executive Compensation
Keller, Wolfgang - 2017
This paper finds that globalization is contributing to the rapid increase in executive compensation over the last few decades. Employing comprehensive data on top executives at major U.S. companies, we show that their compensation is increasing with exports and foreign direct investment, as well...
Persistent link: https://www.econbiz.de/10012956923
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Credit Default Swaps, Agency Problems, and Management Incentives
Lee, Jongsub - 2017
: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the …
Persistent link: https://www.econbiz.de/10012941985
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Growth Through Rigidity : An Explanation for the Rise in CEO Pay
Shue, Kelly - 2018
The dramatic rise in CEO compensation during the 1990s and early 2000s is a longstanding puzzle. In this paper, we show that much of the rise can be explained by a tendency of firms to grant the same number of options each year. Number-rigidity implies that the grant-date value of option awards...
Persistent link: https://www.econbiz.de/10012936509
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Executive Compensation : A Survey of Theory and Evidence
Edmans, Alex - 2017
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...
Persistent link: https://www.econbiz.de/10012951861
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How Do Quasi-Random Option Grants Affect CEO Risk-Taking?
Shue, Kelly - 2019
We examine how an increase in stock option grants affects CEO risk-taking. The overall net effect of option grants is theoretically ambiguous for risk-averse CEOs. To overcome the endogeneity of option grants, we exploit institutional features of multi-year compensation plans, which generate two...
Persistent link: https://www.econbiz.de/10012902373